Buruan tanya gih..sebelum ente kehilangan barang ...hehehehe
________________________________ From: obrolan-bandar@yahoogroups.com [mailto:obrolan-ban...@yahoogroups.com] On Behalf Of artomoro9 Sent: Wednesday, September 02, 2009 11:32 AM To: obrolan-bandar@yahoogroups.com Subject: Bls: [ob] BUMI (TP Rp3,800) - Citigroup: Upgrade to Buy: Leveraged Play on Better Thermal Coal Outlook ane tanya kang BAGUS dulu yee.. regards, A9 disclaimerontheway --- Pada Rab, 2/9/09, CUMI.JK (Buy, TP 5000) <cumie...@gmail.com> menulis: Dari: CUMI.JK (Buy, TP 5000) <cumie...@gmail.com> Judul: [ob] BUMI (TP Rp3,800) - Citigroup: Upgrade to Buy: Leveraged Play on Better Thermal Coal Outlook Kepada: obrolan-bandar@yahoogroups.com Tanggal: Rabu, 2 September, 2009, 11:20 AM Kali aja pingin ngelawan Jendral Art, atau jendral Art mo beli di 2225, jual di 3800? ======= BUY, BUY, BUY! KEEP BUYING AND NEVER SELL! ---------- Forwarded message ---------- Bumi Resources (BUMI.JK) Upgrade to Buy: Leveraged Play on Better Thermal Coal Outlook Upgrade to Buy/High Risk; Raising target price to Rp3,800 - Robust earnings growth outlook and high FCF yield lead us to upgrade our rating to Buy/High Risk from Sell/Speculative. The market is pricing in benchmark coal price of c. US$76/ton; meaning upside risks to our US$80-90/ton forecasts for 2010-11. Supportive coal price outlook - Citi's commodities team recently raised its thermal coal price forecasts for 2010-11 to US$80-90/ton from US$70, citing structural improvement. Prospects of China becoming a sustained net importer of coal provides upside risks to medium and long-term coal price forecasts. Sanity check - Our IDR3,800 target price imputes an EV/reserve of USD5.4/ton (6.8% of 2010E Japan benchmark price of US$80/ton). This compares favorably with the implied EV/reserve from Tata's acquisition at US$4/ton (7.3% of 2007 benchmark price of US$55/ton). Our 'floor valuation' estimate is Rp2,700/share based on DCF and Tata's implied EV/reserve valuation. Convertible Bond - Double-Edged Sword - With coupon rate of 9.25%, Bumi's latest US$375m convertible bond is not cheap. Bumi's capped call option reduces the potential dilution risk while its equity swap position (essentially a leveraged long position in Bumi's stock) is an unequivocal signal to us that management is bullish on Bumi's medium and long-term outlook. Transfer of Coverage - We are transferring coverage of BUMI.JK to Kim Kwie Sjamsudin from Margarett Go. ________________________________ Lebih aman saat online. Upgrade ke Internet Explorer 8 baru dan lebih cepat <http://us.lrd.yahoo.com/_ylc=X3oDMTFndmQxc2JlBHRtX2RtZWNoA1RleHQgTGluaw R0bV9sbmsDVTExMDM0NjkEdG1fbmV0A1lhaG9vIQ--/SIG=11kadq57p/**http%3A/downl oads.yahoo.com/id/internetexplorer/> yang dioptimalkan untuk Yahoo! agar Anda merasa lebih aman. Gratis. Dapatkan IE8 di sini! <http://us.lrd.yahoo.com/_ylc=X3oDMTFndmQxc2JlBHRtX2RtZWNoA1RleHQgTGluaw R0bV9sbmsDVTExMDM0NjkEdG1fbmV0A1lhaG9vIQ--/SIG=11kadq57p/**http%3A/downl oads.yahoo.com/id/internetexplorer/>
